Sensex dips below 9k level again, slid 300 pts

Sensex dips below 9k level again, slid 300 pts

Mumbai: The Bombay Stock Exchange benchmark Sensex on Tuesday extended its downslide and dipped below 9,000 points level again by losing over 327 points in early trade on increased selling by foreign funds in heavy-weight stocks largely on concerns of growing global recession.

The 30-share index, which had lost nearly 1,250 points in the past four sessions, moved down by another 327.09 points to 8,963.92, a level last seen in October with shares of banking, metals and oil and gas leading the fall.

The National Stock Exchange’s Nifty also fell by 89.70 points to 2,709.85.

Sentiments suffered another jolt on worsening global economic outlook after reports of more economies slipping into recession.

Stock brokers said overnight weakness in the US and similar trends on the other Asian bourses, mainly triggered selling by jittery foreign funds here.

They said weak Indian rupee, which depreciated by 29 paise to Rs49.63 against the dollar, also put pressure on the stock prices.

Major losers, which pulled the Sensex down, were Reliance Industries, Reliance Infra, RCom, Infosys Technologies, Satyam Computers, ICICI Bank, State Bank of India, HDFC Bank, ACC, Larsen and Toubro, BHEL, Maruti, Ranbaxy and Bharti Airtel.

Meanwhile, the US Dow Jones index closed 2.63 % down, while London FTSE was down by 2.38% in the last session, Hong Kong’s Hang Seng index slided by 3.17% while Japan’s Nikkei shed nearly 1% in early trade on Tuesday.